
*libname TP_Data "The location of the data folder\TP_Pseudo";


*** Table 2 ***;


* Model 1 *;

PROC surveyLOGISTIC DATA= TP_Data.Table_2_Model_1 ;
class  Ind_Year_Dummy;
cluster Firm_Dummy;
MODEL	 TP(event="1") = 	Size BM Institutional_holding Turnover  Analyst_Coverage Idiosyncratic_Volatility dispersion Relative_EPS_optimism 
							Past_12m_return Target_Price_Implied_Return Investment_Bank_Affiliation Previous_TP_broker Previous_TP_analyst
							fexp gexp Portsize Portfolio_Complexity Top10_Broker Broker_Ind_spec All_Star Average_Rec_Return  Average_PMAFE
							Ind_Year_Dummy/link=logit rsq;
RUN;
quit;


* Model 2 *;

PROC surveyLOGISTIC DATA= TP_Data.Table_2_Model_2_3 ;
class  Analyst_year_Dummy;
cluster Firm_Dummy;
MODEL	 TP(event="1") = 	Size BM Institutional_holding Turnover  Analyst_Coverage Idiosyncratic_Volatility dispersion Relative_EPS_optimism 
							Past_12m_return Target_Price_Implied_Return Investment_Bank_Affiliation 
							Analyst_year_Dummy/link=logit rsq;
RUN;
quit;


* Model 3 *;

PROC surveyLOGISTIC DATA= TP_Data.Table_2_Model_2_3 ;
class  Analyst_year_Dummy;
cluster Firm_Dummy;
MODEL	 TP(event="1") = 	Size BM Institutional_holding Turnover  Analyst_Coverage Idiosyncratic_Volatility dispersion Relative_EPS_optimism 
							Past_12m_return  Investment_Bank_Affiliation 
							Target_Price_Rank_one Target_Price_Rank_two Target_Price_Rank_three Target_Price_Rank_four Target_Price_Rank_five
							Analyst_year_Dummy/link=logit rsq;
RUN;
quit;

